[Ipg-smz] Two lumps of "retirement" coal in my holiday stocking

Tom Henderson thenderson at extremelabs.com
Mon Dec 23 18:50:10 UTC 2019


Yep, I'm thinking Mr Needle has a "windfall".

Tom


On 12/23/19 1:44 PM, Evan Schuman via Ipg-smz wrote:
>
> But is it ONLY bankrupt firms? And how are they defining bankrupt?
>
> In CMP’s case, it was acquired. What happens to those accounts?
>
> _______
>
> Evan Schuman
>
> eschuman at thecontentfirm.com <mailto:eschuman at thecontentfirm.com>
>
> 973-993-8098 <tel:973-993-8098> (voice)
>
> Computerworld weekly columnist (Column archive: 
> http://www.thecontentfirm.com/weekly-column-on-computerworld)
>
> Moderator for MIT Sloan Management Review events
>
> Google Search: http://lmgtfy.com/?q=Evan+Schuman# 
> <http://lmgtfy.com/?q=Evan+Schuman>
>
> https://twitter.com/eschuman
>
> www.linkedin.com/in/schumanevan/ <http://www.linkedin.com/in/schumanevan/>
>
> /Member, Internet Press Guild: http://netpress.org//
>
> *From:* Ipg-smz <ipg-smz-bounces at netpress.org> *On Behalf Of *Dan 
> Rosenbaum via Ipg-smz
> *Sent:* Monday, December 23, 2019 1:24 PM
> *To:* ipg-smz at netpress.org
> *Cc:* Dan Rosenbaum <dan at panix.com>
> *Subject:* Re: [Ipg-smz] Two lumps of "retirement" coal in my holiday 
> stocking
>
> “Either way, the topic of 'what happens to my retirement accounts when 
> the company goes 'poof'?' may become an interesting article. “
>
> Well, the direct answer’s easy, although following through on it will 
> not be.
>
> There’s government agency called the Pension Benefit Guaranty 
> Corporation (PBGC) that takes over defined-benefit pension plans of 
> bankrupt companies. It was formed by the ERISA Act of 1974. Right now, 
> there are something like 5,000 pension plans being paid out by the PBGC.
>
> The money doesn’t come from general tax funds. It’s funded by 
> insurance premiums paid by defined-benefit plan sponsors, assets of 
> the funds it takes over, and recoveries from bankrupt pension funders.
>
> So yeah: company goes away, it sticks a federal government agency with 
> paying off its pension liability.
>
> d
>
> *From: *Ipg-smz <ipg-smz-bounces at netpress.org 
> <mailto:ipg-smz-bounces at netpress.org>> on behalf of Mark Brownstein 
> via Ipg-smz <ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
> *Reply-To: *<ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
> *Date: *Monday, December 23, 2019 at 1:14 PM
> *To: *<ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
> *Cc: *Mark Brownstein <IPG at brownstein.com <mailto:IPG at brownstein.com>>
> *Subject: *Re: [Ipg-smz] Two lumps of "retirement" coal in my holiday 
> stocking
>
> I wouldn't be too surprised to find that the states where these 
> companies were located had the funds in an impound account or two. I 
> believe that the retirement accounts established by these companies 
> HAD TO BE maintained separately from the core businesses, so the funds 
> may still be there, gathering interest all these years, if you can 
> find them.
>
> Maybe the Social Security Administration can point to to where these 
> funds are reportedly being held and, counterintuitively, actually HELP 
> you to find those accounts - or whatever agency is still holding them 
> for you.
>
> It may take some work, but the reward should be well worth it.
>
> Either way, the topic of 'what happens to my retirement accounts when 
> the company goes 'poof'?' may become an interesting article.
>
> On 12/22/2019 1:44 PM, David Needle via Ipg-smz wrote:
>
>
>     I recently applied for social security - yeah, I'm that old. Sigh.
>     But not retiring.
>
>     Anyway, I just received two letters from the Social Security
>     Administration headed
>
>     *Potential Private Retirement Benefit Information. *
>
>     Each one begins: /"We are writing to tell you that you, or the
>     worker whose Social Security number appears at the top of this
>     form, MAY be entitled to some retirement benefits from a private
>     employer ./
>
>     Long story short, one letter says there is a "value" of $18,376 in
>     a retirement account connected to CMP Publications reported in
>     1998 and the other lists $34,687 from Computer Currents Publishing
>     reported in 1996.
>
>     Both of those companies are long gone so I assume this is just
>     some unresolved accounting by Social Security. While I don't
>     remember these exacty figures, I did have a 401K at both companies
>     so I assume that is what is this is in reference to and the money
>     isn't actually owed to me or even exists anywhere as I would have
>     rolled it over long ago.
>
>     Oh well, got excited there for a minute.
>
> -- Ipg-smz mailing list Ipg-smz at netpress.org 
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>
-- 
Tom Henderson
ExtremeLabs, Inc.
+1 317 250 4646
Twitter: @extremelabs
Skype: extremelabsinc

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